Travels & Rentals IPO Booked More Than 600 Times On Final Day

The inital public offering of Travels & Rentals Ltd. opened on Thursday and will remain open for subscription until Monday, September 2. The SME IPO was subscribed 3.97 times on Day 1 and 11.75 times on Day 2. On the final day, the IPO has already been subscribed more than 600 times.

The IPO has been subscribed 608.46 times at 6:19 p.m. on Monday.

• Non-institutional buyers: 754.64 times

• Retail investors: 429.90 times

The subscription status will be updated at regular intervals.

The company is offering 30.6 lakh new shares at a fixed price of Rs 40 per share, amounting to a total issue size of Rs 12.24 crores.

Retail investors can apply for a minimum of 3000 shares, which translates to an investment of Rs 120,000. High Net-Worth Individuals are required to apply for a minimum of 6,000 shares, amounting to Rs 240,000. The allotment of shares will be finalized on September 3, 2024. Finshore Management Services Limited is the book-running lead manager for this IPO, with Cameo Corporate Services Limited serving as the registrar. Black Fox Financial is appointed as the market maker.

As per the company's red herring prospectus, of the 30,60,000 shares offered - 47.5% are reserved for non-institutional investors, 47.5% for retail investors and 5% for market maker.

The shares will be listed on the BSE SME platform, with the tentative listing date set for September 5.

The allotment for Travels & Rentals IPO will be finalised on Tuesday, September 3. The listing date for the IPO is Thursday, September 5 and the shares of Travels & Rentals Limited will list on BSE SME.

Established in 1996, Travels & Rentals Limited offers a comprehensive range of travel-related products and services. The company specialises in providing airline tickets, hotel bookings, tour packages, rail tickets, and additional services including travel insurance, passport and visa processing, and tickets for various activities and attractions. With decades of experience, the company is well-positioned to cater to diverse travel needs.

The proceeds from the Travels & Rentals IPO will be allocated towards working capital requirement ensuring sufficient liquidity to support the company's operations and growth. Funds will also be allocated to general corporate expenses

For the fiscal year ending March 31, 2024, the company reported a 39% increase in revenue compared to the previous year. Additionally, its profit after tax surged by 97%, highlighting significant growth and profitability.